Polygon has proposed a $100 million budget for a new blockchain network devoted to Web3 development.
The network, nicknamed Supernets – application-specific blockchains with greater efficiency – intends to encourage an ecosystem of activities based on innovation on the Polygon network and Web3 in general.
Sandeep Naliwal, the co-founder of Polygon, revealed in a statement: Users benefit from the infrastructure tools because it makes achieving desired results simple and rapid. Polygon’s objective is to accelerate Web3 adoption by offering organisations with a broad variety of blockchain solutions.”
Polygon is an Ethereum-based blockchain that grows to millions of transactions while reducing the environmental effect. It presently supports over 7,000 apps and has processed over 1 billion transactions.
Blockchain technology serves as the basis for Web3, or the decentralised web, which is made of distributed peer-to-peer programmes that run without the requirement of dedicated servers or centralised authority.
Web3 applications are made of self-executing programmable smart contracts that govern network-based operations and logic.
Congestion and strain on large-scale public blockchains like Ethereum might cause transaction times to lag and costs to skyrocket for developers.
Polygon has swiftly developed into a hive of activity over the previous two years, with apps spanning Defi and a bevvy of games. MATIC, the project’s token, has grown dramatically in tandem.
“We see Polygon as a hugely scalable, linked multi-chain system, and now we’re launching a $100 million fund to assist us to reach this goal,” the team added.
The funds are instantaneously available for development, research, third-party integrations, project onboarding, and acquisitions, the business added.
For its blockchain protocol, Polygon recently acquired $450 million in funding, and Ryan Wyatt, formerly the CEO of YouTube Gaming, has been recruited to build its blockchain gaming platform.
By contributing $290 million to a Multiverse Fund in March, Avalanche is supporting Polygon’s “Subnets,” a concept akin to the company’s own Supernets.
People From Tech Giants
To keep up with the rapid expansion of the company, Polygon has hired staff from companies such as Electronic Arts (EA), Amazon, Google, and YouTube. Several of these are to strengthen the company’s gaming push.
Meanwhile, MATIC, the Ethereum-compatible blockchain ecosystem’s native token, has moved in lockstep with the rest of the cryptocurrency market.
MATIC is trading at $1.40 Saturday, down 4.1 percent in the previous 24 hours. Compared to its December 2017 peak of $2.91, the token’s current price is down 50%.
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